Essex Announces Registration of a Dividend Reinvestment and Share Purchase Plan for Stockholders.PALO ALTO Palo Alto, city, California Palo Alto (păl`ō ăl`tō), city (1990 pop. 55,900), Santa Clara co., W Calif.; inc. 1894. Although primarily residential, Palo Alto has aerospace, electronics, and advanced research industries. , Calif.--(BUSINESS WIRE)--Sept. 19, 1997--Essex Property Trust Inc. (NYSE NYSE See: New York Stock Exchange :ESS) today filed a registration statement with the Securities and Exchange Commission which registers 750,000 shares of Common Stock which can be issued under a Dividend Reinvestment and Share Purchase Plan (the "Plan"). The Plan offers stockholders an easy and convenient way to increase their holdings of Essex Common Stock directly from the company or, at the company's option, directly from the open market. The Plan allows both the reinvestment of dividends and the investment of cash in shares of Common Stock. Current stockholders and interested investors may participate in the Plan by obtaining a prospectus and enrollment form from the Company at 650/494-3700, or its agent, BankBoston, at 800/945-8245. Essex also announced the exercise of the over-allotment granted to Lehman Brothers Lehman Brothers Holdings Inc. (NYSE: LEH), founded in 1850, is a diversified, global financial services firm. It is a participant in investment banking, equity and fixed income sales, research and trading, investment management, private equity, and private banking. , as underwriter, in connection with Essex's recent sale of 1.3 million shares of Common Stock. Due to increased demand, Lehman Brothers exercised its option to purchase an additional 195,000 shares of Common Stock at a net price of $31.00 per share. Total proceeds, net of underwriting fees, will reach $46.345 million, and will be used to repay outstanding indebtedness and acquire additional West Coast multifamily properties. Essex Property Trust Inc., located in Palo Alto and traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. (ESS), is a fully integrated Real Estate Investment Trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ). Self-administered and self-managed, Essex focuses on multifamily properties in targeted West Coast markets, specifically the San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , Seattle, Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, and Portland metropolitan areas. Currently, Essex has ownership interests in 43 multifamily properties (8,884 units), accounting for approximately 95 percent of its revenue. -0- The statements which are not historical facts contained in this release are forward looking statements that involve risks and uncertainties, including, but not limited to, market demand, the effect of economic conditions, the impact of competition and competitive pricing, the result of financing efforts, the effect of the Company's accounting policies and other risks detailed in the Company's Securities and Exchange Commission filings. CONTACT: Essex Property Trust Inc., Palo Alto Keith Guericke/Wendy Carhart, 650/494-3700 |
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